Solana Hits All-Time High Against Ethereum as SOL Eyes Rebound to $200
In what is certainly a testament to the token, Solana has reached an all-time high against Ethereum as SOL currently targets a rebound to $200. The asset surged throughout July, but faltered along with the crypto market amid Monday’s crash. Yet, its return to form has been spectacular to behold.
The cryptocurrency is in the green over the last 24 hours, currently trading at $147, according to CoinMarketCap. Moreover, the crypto crash saw the asset fall more than 17% in the last seven days. Now, its rebound has many hoping that is building up one more notable rally.
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Solana Reaches All-Time High Agasint Ethereum as it Outpaces BTC in Rebound
Panic struck the finance sector this week, as geopolitical concerns drove a downturn. Specifically, the US stock market shed more than $2 trillion in a monumental development. Worry over a potential recession drove crypto declines, with no coin being safe from falling prices.
One asset is thriving in recovery. Indeed, Solana has reached an all-time high against Ethereum, as SOL is currently targeting $200. The crypto has increased more than 7.5% against ETH in the last day, and 13.6% in the last week, according to CoinGecko.
Alternatively, Ethereum fell to a three-year low against Bitcoin. That assures ETH will shed many of the gains it enjoyed from the ETF approval it enjoyed in May. Solana, on the other hand, has emerged as one of the best-performing cryptocurrencies in the top 10.
Also Read: Solana: AI Sets SOL Price For August 15, 2024
“After the recent wipeout, SOL and its ecosystem of coins still look good, especially in comparison to other alts,” K33 Research analyst David Zimmerman wrote in a report today. “SOLETH has made a nice all-time high since carnage, while SOLBTC also looks strong. Both closed green on the day of mass panic.”
Over the week, Solana is only down about 11% when factoring in the market crash. Yet, Bitcoin has dropped 14%, while Ethereum has also plummeted 25%. The situation is certainly good for SOL’s standing. It solidifies the asset’s place among the industry’s Big Three.